20 January 2024

WOODDRAGON
2024 Feng Shui Guide to Prosperity

THIS REPORT HAS BEEN PREPARED BY MAYBANK RESEARCH PTE LTD

SEE PAGE 27 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
 Interest rate cuts by the Fed, inventory

Hopeful building by the semiconductor sector and a

pickup in new orders in offshore & marine
and alternative energy could push up

Tomorrows chances of raising earnings. GDP is set to

accelerate to +2.2% vs. +1.1% in 2023.

At the same time, we see four big themes

Welcome to the Year of the Dragon!
that would enhance Singapore’s regional
hub status. This should help drive better
Last year started with expectations of
earnings and valuations. First, expect
a recession, but it ended with
corporates to increase the pace of
forecasts for a soft landing. Amidst it
restructuring by getting rid of unprofitable
all, the Singapore market ended flat,
units and monetising latent assets, helping
outperforming some of its regional
to improve returns on capital. Second,
rivals, but underperforming North Asia
Singapore could enjoy a bigger share of
and North America.
green investment capital, given its lower
In 2024, growth tailwinds are likely to environmental risks. Third, the pace of local
companies going overseas through M&A
dissipate for Singapore. This means
should rise as they look to buy growth.
market earnings are set to slow to just
Finally, AI could drive more productivity
+3% YoY vs. +18% in 2023E.
gains and new revenues.
However, there is potential for
expectations to be upgraded as the
For investors navigating markets in 2024 it
year progresses.
is important to be aligned with these trends.
We are positive on Gaming, Industrials,
REITS, Tech Manufacturing, Transport and
Telecom.

Investing is not a journey one makes alone.

Be assured Maybank’s award-winning
investment advisory, research and
brokerage teams will be at hand at all times
to give you the support you need to achieve
your investment goals. May the Year of the
Dragon roar with success, winning trades
and good fortune!

Thilan Wickramasinghe
Head of Research, Singapore
Maybank Investment Banking Group
Feng Shui
Master Ken Koh
Master Ken has been the practising consultant for
House of Feng Shui since 1997.

He is a sought after speaker and writer, appearing

in multiple forums and the media, where he shares
his life experiences and predictions.

Master Ken has been a consultant to many large

corporations, MNCs and banks including
Resorts World, HSBC, UOB, Standard Chartered,
Wheelock Group and Hong Leong.

In addition, he has advised a number of residential

and commercial developments, including SingTel,
Capitaland, Keppel Corp. and Kusto Homes,
Vietnam.

Master Ken is also the publisher of the widely read

Chinese Almanac of Auspicious Days.

Master Ken Koh

Feng Shui Master, House of Feng Shui
 Welcome to the Year of the
WOOD DRAGON
2024 is a unique year. The year is characterised by all Yang
energies, which are symbolic of masculine, rash, and far-reaching
decisions. This is due to the Yang Wood controlling the Yang Earth,
which is a conflicting pair of elements that signify control, pride, and
territorial dominance.

The combining factors of the first day of the Dragon year indicate that
2024 is classified as a commander-in-chief of the system that is
domineering in behaviour. The personality of the year falls under the
Seven Killing profile, which suggests that it will be a year filled with
competition, assertion & manipulation.

The dominating element in 2024 is Earth, which is stubborn and

proud. This indicates a pattern of camaraderie among the dominating
players of power and control. Fire comes next, so the resources of
these power brokers are likely to continue their struggles and bring
their fights to new levels in the year.

From a Feng Shui perspective, the conflict star also suggests

potential flare-ups in the Middle East. However, things will eventually
cool down, and optimism shall make its way back. The world can
look forward to an upswing by the third quarter of the year.

4
 Year in Perspective
Yang Wood | Yang Earth

Earth Movements - April, August, October

Environment Water Incidents - Extreme cold January 2024

Heatwave & Volcanic eruptions - June

Water Combination - Actualisation of Results January 2024

Economy Fire Combination - Rising Optimism in June

Prepare for Superlative Years - 2025-2029

Proud, Offensive, Aggressive, Stubborn,

Behaviour
Unreasonable, Uncommunicative, Lonesome

5
 Period 9
The Dawn
of a New
20-Year Cycle
Dominant Element - Fire

Location - South

People in Charge - Gen Z

Favours Fire Industries

Technology, Artificial Intelligence, Metaverse, Energy, Medicine

Favours Earth Industries

Construction, Mining, Data, Real estate, Mergers and Acquisitions

Attitude
Sharing Purposes, Transparency, Intense, Transient Ownership,
Optimism, Branding, Personal Image, Spiritualism, Religion,
Exuberance, Quick Results

Health
Mental Well-being, Cardiovascular

6
 Tai-Sui and the
Grand Duke Effect

Water and Fire Clash

Dog Clashes Expect Physical Contacts and Harm
Watch out for Water incidents in October

Self Punishment leads to regrets

Dragon Offends Do not overindulge in bad habits
Watch out for earth movements in April

Strong competition upsets your plans

Ox Destroys Resolve issues with authorities early
July will be a difficult month

Betrayal and politics dominate

Rabbit Harms You have created divisions between friends
Caution when travelling and driving in October

7
 Sector Winners

Banking

Mining

Metal Industries
In the year of the Wood Dragon, the Wood element
Engineering will be prominent and will bring prosperity to the
Metal industries. The Yang Metal element will
benefit the banking, engineering, mining,
automotive (including electric and high-end
vehicles), private jets, hardware, and military
equipment sectors. The Yin Metal element will
benefit beauty products and services, cosmetic
Automotive treatments, jewellery, luxury brands, luxury
watches, and minting.

Those who are well-informed and courageous will

be favoured by fortune. The wealth potential will be
revealed in July and will peak in November 2024.
This year presents a great investment opportunity
Luxury for those who are ready to pick up fair values. The
first half of the year provides the best opportunities
for those who wish to benefit from the upcoming
economic rebound, which can take up to five years
to fully realise.

8
 Sector Winners

Waste Management
Earth Industries
There are two key sectors on Earth - one is related
to businesses in real estate, property, estate
management funds, data storage facilities and
human resources, while the other deals with crop
production, urban farming, plant-based food,
recycling, waste management and home-based
businesses, and is known as Yin Earth.
Real Estate

Despite rising interest rates and inflationary costs,

the dominant Earth industries have shown resilience
and continue to break new grounds. In 2024, with the
promise of easing interest rates, inflation and good
fiscal management, the support for Earth industries, Data Warehouse
especially property, will continue to rise.

Looking ahead, the next twenty years will see the

rise of Fire energies, providing support for Earth
industries to evolve into sustainable businesses,
contributing to society with the better use of
technology and artificial intelligence. Physical
possession will plateau in around ten years from Urban Farming
now, transitioning into transient ownership, paving
the way for a new generation of exponential growth.

9
 Sector Winners
Insurance

Fire Industries
Fire is a symbol of economic activity, confidence and
optimism. The economy will be moderate in the first half
of the year. However, from June 2024, interest will put
the shine back into business sentiments. As a result, the
stock market and equities will see a wave of hope and
confidence, leading to mergers, acquisitions and initial
public offers. The businesses that will benefit from this
wave include investments, stocks, insurance, energy,
Life Sciences chemicals, medicine, pharmaceuticals and life sciences.
Other businesses such as entertainment, event
management, startups and lifestyle services will also see
growth, along with wellbeing, religious practices and
alternative sciences like counselling and coaching.

Technology, medicine, entertainment and travel will do

well from the start of the year, and the upside will
Technology continue to be positive. Insurance will be a star
performer. However, being the first year into a new
period of energies always means changes and painful
transitions. Therefore, we can expect new exciting
entrants and fallout of players in the Fire element
businesses. It's important to bear in mind that the
demand driven by Gen Z must also deal with sharing
economies, fleeting ownership and very fluid exchanges.
Entertainment

10
Water Industries Sector Winners

The industries related to the Water element may not Airlines

be talked about much, but they remain profitable.
Although there might be challenges due to changing
consumer demands, businesses related to travel,
hospitality, and lifestyle will continue to thrive
throughout the year. This includes airlines, cruise
operators, accommodation providers, and theme
parks, which will attract quality users. Cruise Operators

Retailers can be divided into two categories. First,

there are brick-and-mortar stores, which are
dominated by large corporations that can spread their
profits. This means that small, standalone brands will
struggle to compete and many may not survive. The
Theme Parks
second category is online retailers, which do well due
to their mass appeal and traffic. This will also benefit
logistics companies that fall under the same category.

Although shipping may face some difficulties due to

problematic shipping lanes, the water industry will
remain profitable as it has the ability to adapt to E-Commerce
different conditions. The strong Fire element in this
year's chart also indicates financial profits for water
industry players. Marine fisheries and aquaculture
farming will see an increase in productivity and
production to meet worldwide demands, which will add
to their bottom line. Water desalination and filtration
will also become more important.

11
 Wood Industries
Wood-based businesses will make an effort to
Sector Winners establish their presence but will struggle due to the
strong influence of Fire, Metal, and Earth. This will
result in a lot of work, competition, and resource drain.
Industries such as education, new economies, fund
management, and family offices will be the most
successful.

Education Wood industries will face difficulties in the second half

of the year, and those who are looking for prospects
must have the necessary resources to reach their
goals. Education is a product of intelligence and
wisdom, and those in these industries should use
artificial intelligence and algorithm tools like ChatGPT
Fund Management to keep up. Performance is key in the Wood industry,
which is related to the Fire element. Therefore,
businesses in this industry should focus on sharing
experiences, knowledge transparency, intense
teachings, transient ownership, optimism, branding,
personal image, spiritualism, religion, and delivering
quick results.
Family Offices
The importance of teaching, personal development,
interpersonal relationships, and humanising factors
will continue to be essential in our lives.

12
 2024 Chinese
Zodiac Outlook

13
 Rat
The General Star can boost your control,
creativity, and charisma. When you are
assigned bigger tasks and additional roles,
take them in good spirits and keep things on
the timeline. This way, recognition of your
efforts will lead to elevations in status and
financial returns. The Tai-Ji Noblemen will
help you proceed with confidence and
intervene when you're stumped with a crisis.
The Golden Chest can be an additional
channel for monetizing your talents and
abilities.

In 2024, you may reap profits in your

investments, collaborate on joint ventures,
or increase your bank balance with a side
gig or extra work. Be cautious of high- Key Statistics
contact activities involving heights and earth
movements as the White Tiger deals with Money 4/5
excessive force of physical harm. During the
winter months of November and December
Work 4/5
2024, be careful of water accidents and
open seas. Stay clear of physical
Health 3/5
confrontations as the Sky Warrior makes its
presence known.
Relations 2/5

Lucky Numbers 1309

Lucky Colours White Gold, Red

Compatibility Dragon, Monkey

14
Ox
The year ahead will be prosperous for
those born under the Ox sign. Tai-Yi
Noblemen will elevate you to nobility and
those in civil service can expect
promotions. Even if you are not in line for
recognition, Eight Seats will bring progress
in various aspects of life, be it health or
relationships. Jade Hall will lead you to
conditions that bring positive outcomes,
and by working with the Fortune Virtue,
you can convert your experiences into
wealth. It's important to plan early and
achieve results consistently throughout the
year to make the most of the Prosperity
Star that will make 2024 an extremely
fruitful period.

However, with impending good fortune, Key Statistics

jealousy and envy may arise in the form of
gossip, which you should ignore. The Money 5/5
Crossing Star may also bring competition,
but it can be handled easily. As you move Work 4/5
ahead, it's important to remember that
communications and relationships may be Health 4/5
interrupted by the Broken Star. This
reminds you to make time for your family
Relations 3/5
and friends. Female Ox may encounter
some unfortunate events from the Drapes
Lucky Numbers 9018
Star, which is often associated with
departures or death. Male Ox, on the other
hand, may experience problems from Lucky Colours Red, Turquoise
females, so it's best not to offend them.
Compatibility Snake, Rooster

15
 Tiger
The Sky Horse is supporting Tigers in 2024 and is a
vibrant star full of energy and activity. How you handle
this star will determine whether you succeed or not.
Movement equals change, and you must be proactive
about it. Be prepared for disruptions at work or at home.

Be ready to travel, as the more you move, the better the

outcome. Whether it's a business trip, a leisurely
vacation, a transfer or reassignment of work, switching
roles, transferring responsibilities, or even changing
management, take it in stride. By doing so, you activate
the Sky Horse in your favour, leading to Meritorious
Rewards, which suggest compensation for the changes
or sacrifices you have made.

As disruptive as changes can be, Key Statistics

another thing to deal with is Sky Cry.
This invokes your emotions and
Money 2/5
sentimentality. You are easily affected
by visuals, sounds, and experiences.
So, the solution is to keep yourself busy Work 3/5
and stay away from things that sadden
or bring you to the past. Health 3/5

Sky Dog gives hidden threats, and the Relations 3/5

danger month is August. With the
Suspended Guest present, it's best to Lucky Numbers 8409
stay away from heights and activities
involving ropes.
Lucky Colours Orange, Purple

Compatibility Horse, Dog

16
Rabbit
Having no positive starts should not bring Rabbits to their
knees. Here’s some advice - if you don't have what you
need, try begging or borrowing, but never resort to
stealing. It's important to know that the best partnerships
for you are with Pigs, Goats, and Dogs.

Pigs are great when it comes to financial luck, work

opportunities, and relationships. So, if you need any of
these, consider partnering up with them. Meanwhile,
Goats are blessed with some divine luck, which is why you
should try to weave them into your activities or ask them
for help. This is called borrowing other people's luck.

It's important to handle any downsides that

may come your way to ensure that the help
you get actually takes you somewhere. This
year, the biggest threat from Sickness Charm
Key Statistics
is related to mental health issues due to the
spread of negativity and pessimism. So, it's Money 1/5
important to stay calm and take things one
step at a time. Work 1/5

Goat Blade may cause you to feel victimised, Health 1/5

and the treatment may seem unfair and
unjustified. But remember, this too shall pass. Relations 1/5
Try to live with the scars and share your story
next year. Additionally, Six Harms may be
Lucky Numbers 4848
created when you unknowingly make enemies
with the Grand Duke of the year. So, it's best
to manage your time with those born in Dog Lucky Colours Sapphire Blue
years and Rooster years, even though the
association may not be the best. However, try Compatibility Goat, Pig
not to make enemies out of them.

17
Dragon
As a Dragon, you should expect some discomfort and
be prepared to adapt to different circumstances. This
is because assuming the Grand Duke responsibility
means that you will be thrust upon the task of
confronting the unknown and leading others out of
harm's way. However, not all Dragons are natural
leaders, so you may need to pick up some courage
and confront your fears. It's also possible that you are
currently in self-punishment mode, distracted from
your current issues and leaning towards bad habits. As
a Dragon, you must realise that 2024 comes with the
Golden Carriage, a moving target that requires your
actions to actualise benefits, financially and
professionally. If you are distracted, you may miss
your chance.

Duke Arrival also indicates that others will Key Statistics

take cues from your next moves, and you will
get all the attention. With some wisdom and Money 2/5
the Elegant Seal, Dragons are capable of
some spectacular stunts by remaining
Work 3/5
positive and displaying leadership. However,
Hidden Corpse indicates that some past
secrets may be revealed, and it's time to Health 2/5
make right what went unresolved. Sword
Edge relates to stiff competition and unfair Relations 2/5
practices, so you should be careful. Watch
out for September 2024, as it can bring Lucky Numbers 8512
potential mishaps involving injuries caused
by impact. You should also be alert when Lucky Colours Cyan, Garnet Red
driving in unknown territories between 7pm
and 9pm all year round. Compatibility Rat, Monkey

18
Snake
One of the most powerful and effective noblemen class of
stars is coming your way. The Sun Star is a Yang energy
that can dissolve issues that are deemed near impossible.

This year, you have the opportunity to clear problems that

you have been struggling with. Even a health issue may
become more optimistic with a potential treatment.
Whether it's a lingering debt, a problematic relationship, a
missed opportunity or a chance at achieving success, the
Sun Star can make it all a reality. Keep an eye out for this
star's positive influence, as it can present itself in various
ways, such as a sudden event or an active situation.

Additionally, the Sky Happiness star indicates

that there will be celebrations and happy
occasions in 2024. This will bring joy to your
family and comfort to your personal life.
Key Statistics
Sharpen your expertise and skills with the help
of the Academic Star, which will keep you Money 3/5
sharp and precise, leading to satisfaction and
happiness throughout the year. Work 3/5

However, be aware of the Bad Energy Star, Health 3/5

which may create doubts and regrets, leading
to clouded judgement. It is important to remain
Relations 3/5
open to opportunities and not be overly
suspicious. Also, watch out for the Robbery
Lucky Numbers 2713
Star, which may blind you to good
opportunities and result in financial losses. By
exchanging kindness for rewards, you can Lucky Colours Pink, Zircon Blue
avoid this negative influence and attract
positive outcomes. Compatibility Ox, Rooster

19
 Horse
If you are facing a potential disastrous outcome
in your life that is out of your control, the Relief
God may be able to provide divine intervention.
This year, the Relief God is in your palace and
can offer you insurance against harm and the
ability to prevent negative circumstances before
they occur, turning a bad situation into a
positive one.

Additionally, the Sky Relief Star can help with

conditions that have already happened, such as
a job layoff. It can provide you with a potential
job offer to help get you back on track.

The Blood Knife Star, may lead Horses

to suffer cuts or require surgery. To
prevent this, consider getting a dental
Key Statistics
check or donating blood.
Money 2/5
The Funeral Door Star, suggests you are
sensitive to negative energy and should Work 2/5
avoid dark and inactive places. Also, be
extra cautious in September when in Health 1/5
mountainous or hilly locations, and avoid
the open seas in December due to the
Relations 1/5
presence of the Calamity Star.

Lucky Numbers 1980

Finally, the Flying Chaste Star could
penalise you with unexpected expenses
such as additional taxes or fines. It is Lucky Colours Emerald Green
also not recommended to pursue
business ventures, job switches, or Compatibility Tiger, Dog
investments in 2024.

20
Goat
The Moon Star has multiple benefits that one may not
fully comprehend. This year, goats are advised to seek
help from women, especially those who are elderly,
prestigious, or knowledgeable. This energy is
harmonious and graceful and is particularly beneficial
for women. The Moon Star enhances the virtues of
family bonding and the extension of friendship, which
can improve Goats' relationships.

To tap into this positive energy, remain composed in all

your decisions, and don't be disheartened by objections
and doubts raised against your ideas. Goats are likely
to receive successive rounds of inspiration from the
Moon Star. To make the most of this energy, partner
with a Pig to get the necessary endorsement to make
things happen.

Moreover, the Heavenly Yi Noble, one of Key Statistics

the most potent Noblemen stars, shines its
light on your path. This is yet another Money 3/5
powerful driving force towards your
success, particularly in your career, Work 3/5
business, and relationships.
Health 3/5
However, be aware that some people may
try to take advantage of your good fortune.
Relations 4/5
The Hook Spirit, in particular, may try to
lure you into partnering and collaborating
Lucky Numbers 6519
with them, promising quick and massive
returns. Stay vigilant, weigh the risks and
do not overcommit under pressure. The Lucky Colours Blue, Diamond
Piercing Rope may literally strangle you
with such promises. Compatibility Rabbit, Pig

21
 Monkey
It is important for Monkeys to have patience
and good timing in order to make the most of
the year 2024. The Three Stages Star
represents progress in a sequence and cannot
be achieved through random or haphazard
ways. You may find April and November of this
year to be useful times for making decisions
related to work, travel, and investments.

When Monkey combines with the Dragon and

Rat, this Triple Combination usually brings
about positive outcomes from joint efforts. If
you need connections with individuals in high
office or authority, turn to Dragons. Rats can
provide lots of help and guidance if you are
lacking direction or ideas. Staying close to
Rats can also bring about surprising elements
of luck, especially financially. Key Statistics
Be prepared for some drama in February and Money 2/5
June of this year. The Back Poking Star may
create animosity among colleagues, suppliers,
Work 2/5
vendors, and even clients. You may find
yourself being accused or sacrificed as a bad
Health 3/5
example by superiors. In such instances,
Dragons will be ready to defend your
innocence. Remember to stay within your Relations 3/5
parameters at work and in your personal life,
as the Officer Charm may hand down some Lucky Numbers 1150
punishments. To sum it up, you need to
execute well-designed plans and avoid Lucky Colours Yellow Gold, Teal
jumping to conclusions in order to keep the
Five Ghosts at bay. Compatibility Rat, Dragon

22
Rooster
There are two exceptional stars that make the
2024 Roosters stand out from the rest. The
Grand Duke Combination has formed an
alliance with the Dragon, and this partnership
can bring out the best in Roosters when it
comes to various aspects of life. Whether you
are in the office or running a business, your
hard work and contributions are likely to be
appreciated, and you will be generously
compensated. This is a great time for you to
push for a promotion, a salary raise, or even bid
for a contract that you have always wanted.

The Peach Blossom Star can help you attract

others to join you in your endeavors. It is an
ideal time for singles to find a suitable partner,
commit to a serious relationship, or even get
married this year. Additionally, for most of the
year, the Monthly Virtue Star will provide you Key Statistics
with immunity against potential crises, while
the Earth Relief Star will protect you from Money 3/5
physical harm.

Work 3/5
However, it is essential to keep in mind that
you may face enemies and deceitful
individuals represented by the Cascading Health 1/5
Cloud Star. So, in September, be cautious of
possible work sabotage. While the Peach Relations 4/5
Blossom Star can work in positive ways, you
may also need to deal with the Salty Pool Lucky Numbers 9110
Star, which represents indulgence and sexual
distraction. Avoid being seduced by Lucky Colours White Gold, Blue
appearances and keep your spending habits
under control. Remember that certain Compatibility Ox, Snake
friendships may strain, and it is essential to be
mindful of this.

23
Dog
The National Treasure Star is a recognition
and rewards system that offers financial
compensation or promotion at work for those
working in large corporations, government
offices, or civil service. If you are a business
owner or self-employed, making this star work
means creating opportunities for your
products, services, or special skills to be
appreciated by larger audiences. Going viral is
the most effective way to achieve this. This
star can open doors to mainstream and social
media, both in print and digitally.

Those involved in performance, stage

presence, digital influence, brand
collaborations, and content provision can
benefit greatly from this star. Be prepared to
be interviewed and appear on screens if you
Key Statistics
have already been singled out. If not, work
towards achieving it. Money 2/5

If you have a Dog in your chart, you may be Work 2/5

likely or plan to part with a significant amount
of money due to the Big Consumer Star. Health 2/5
Invest carefully and do your calculations.
Relations 4/5
Expect changes and obstacles created by
competitors, and do not be overwhelmed
Lucky Numbers 2749
because the Leopard Tail Star can put you in
an offensive mood. If you plan to travel, please
note that the months of April, August, and Lucky Colours Silver, Ruby red
September may expose you to potential
mishaps. Avoid mountainous and sea Compatibility Tiger, Horse
adventures, and drive with caution at night.

24
Pig
2024 belongs to the Pigs with the Emperor
Star behind them. They will be accorded
much privilege and authority. For those in
structured organisations, your words speak
volumes and will be taken seriously. Now is
not the time to be conservative and you will
be able to outwit the opposition. The Dragon
Virtue is your executor of this year, so your
talk will turn to actions.

So remain active, make some calculated bold

moves, make sure you work in the presence
of those who matters to your assessments
and make this a time for great paybacks.

There is a need to recognise that for all the

respect and control you can command. Some Key Statistics
setbacks will be natural due to the presence
of Dark Sky Star. In May this year, colleagues Money 4/5
and bosses can cast a dampening factor over
your best plans. The Brutal Defeat Star is Work 4/5
always waiting by the side to strike you over
small mistakes and attention to detail.
Health 3/5
As you trudge confidently in the first half of
the year, expect stoppages and Relations 4/5
interruptions to your success after June.
Funding for your projects may be cut or you Lucky Numbers 1689
may personally encounter family crisis if
you are alienated and too focused on your Lucky Colours Topaz Gold, Blue
work. March, July and December are the
best and stay grounded. Compatibility Rabbit, Goat

25
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26
Disclaimers
This research report is prepared for general circulation and for information purposes only and
under no circumstances should it be considered or intended as an offer to sell or a solicitation of
an offer to buy the securities referred to herein. Investors should note that values of such
securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions
or recommendations contained herein are in form of technical ratings and fundamental ratings.
Technical ratings may differ from fundamental ratings as technical valuations apply different
methodologies and are purely based on price and volume-related information extracted from the
relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may
be less than the original sum invested. Past performance is not necessarily a guide to future
performance. This report is not intended to provide personal investment advice and does not take
into account the specific investment objectives, the financial situation and the particular needs of
persons who may receive or read this report. Investors should therefore seek financial, legal and
other advice regarding the appropriateness of investing in any securities or the investment
strategies discussed or recommended in this report.
The information contained herein has been obtained from sources believed to be reliable but such
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and affiliates (collectively, “Maybank IBG”) and consequently no representation is made as to the
accuracy or completeness of this report by Maybank IBG and it should not be relied upon as such.
Accordingly, Maybank IBG and its officers, directors, associates, connected parties and/or
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without prior notice.
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Malaysia
Opinions or recommendations contained herein are in the form of technical ratings and
fundamental ratings. Technical ratings may differ from fundamental ratings as technical
valuations apply different methodologies and are purely based on price and volume-related
information extracted from Bursa Malaysia Securities Berhad in the equity analysis.
Singapore
This report has been produced as of the date hereof and the information herein may be subject to
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Thailand
Except as specifically permitted, no part of this presentation may be reproduced or distributed in any
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Maybank Securities (Thailand) Public Company Limited (“MST”) accepts no liability whatsoever for the
actions of third parties in this respect.
27
Due to different characteristics, objectives and strategies of institutional and retail investors, the
research products of MST Institutional and Retail Research departments may differ in either
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The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding
corporate governance is made pursuant to the policy of the Office of the Securities and Exchange
Commission. The survey of the IOD is based on the information of a company listed on the Stock
Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to
be accessed by a general public investor. The result, therefore, is from the perspective of a third
party. It is not an evaluation of operation and is not based on inside information. The survey result
is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a
result, the survey may be changed after that date. MST does not confirm nor certify the accuracy
of such survey result.
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange
of Thailand, which is assessed by Thaipat Institute, is made in order to comply with the policy and
sustainable development plan for the listed companies of the Office of the Securities and Exchange
Commission. Thaipat Institute made this assessment based on the information received from the
listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the
Annual Registration Statement (Form 56-1), Annual Report (Form 56-2), or other relevant
documents or reports of such listed company. The assessment result is therefore made from the
perspective of Thaipat Institute that is a third party. It is not an assessment of operation and is not
based on any inside information. Since this assessment is only the assessment result as of the date
appearing in the assessment result, it may be changed after that date or when there is any change
to the relevant information. Nevertheless, MST does not confirm, verify, or certify the accuracy
and completeness of the assessment result.
US
This third-party research report is distributed in the United States (“US”) to Major US Institutional
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recipients should consult with their own independent tax advisers.

Disclosures
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Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad
(15938- H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital
Markets and Services License issued by the Securities Commission in Malaysia.
Singapore: This report is distributed in Singapore by MRPL (Co. Reg No 198700034E) which is
regulated by the Monetary Authority of Singapore.
Indonesia: PT Maybank Sekuritas Indonesia (“PTMSI”) (Reg. No. KEP-251/PM/1992) is a member of
the Indonesia Stock Exchange and is regulated by the Financial Services Authority (Indonesia).
Thailand: MST (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is
regulated by the Ministry of Finance and the Securities and Exchange Commission.
Philippines: Maybank Securities Inc (Reg. No.01-2004-00019) is a member of the Philippines Stock
Exchange and is regulated by the Securities and Exchange Commission.
Vietnam: Maybank Securities Limited (License Number: 117/GP-UBCK) is licensed under the State
Securities Commission of Vietnam.
Hong Kong: MIB Securities (Hong Kong) Limited (Central Entity No AAD284) is regulated by the
Securities and Futures Commission.
India: MIB Securities India Private Limited (“MIBSI”) is a participant of the National Stock Exchange
of India Limited and the Bombay Stock Exchange and is regulated by Securities and Exchange Board
of India (“SEBI”) (Reg. No. INZ000010538). MIBSI is also registered with SEBI as Category 1 Merchant
Banker (Reg. No. INM 000011708) and as Research Analyst (Reg No: INH000000057).
UK: Maybank Securities (London) Ltd (Reg No 2377538) is authorized and regulated by the Financial
Conduct Authority.

28
Disclosure of Interest
Malaysia: Maybank IBG and its Representatives may from time to time have positions or
be materially interested in the securities referred to herein and may further act as
market maker or may have assumed an underwriting commitment or deal with such
securities and may also perform or seek to perform investment banking services,
advisory and other services for or relating to those companies.
Singapore: As of 20 January 2024, Maybank Research Pte. Ltd. and the covering analyst
do not have any interest in any companies recommended in this research report.
Thailand: MST may have a business relationship with or may possibly be an issuer of
derivative warrants on the securities /companies mentioned in the research report.
Therefore, Investors should exercise their own judgment before making any investment
decisions. MST, its associates, directors, connected parties and/or employees may from
time to time have interests and/or underwriting commitments in the securities
mentioned in this report.
Hong Kong: As of 20 January 2024, MIB Securities (Hong Kong) Limited and the
authoring analyst do not have any interest in any companies recommended in this
research report.
India: As of 20 January 2024, and at the end of the month immediately preceding the
date of publication of the research report, MIBSI, authoring analyst or their associate /
relative does not hold any financial interest or any actual or beneficial ownership in
any shares or having any conflict of interest in the subject companies except as
otherwise disclosed in the research report.

In the past twelve months MIBSI and authoring analyst or their associate did not receive
any compensation or other benefits from the subject companies or third party in
connection with the research report on any account what so ever except as otherwise
disclosed in the research report.

Maybank IBG may have, within the last three years, served as manager or co-manager
of a public offering of securities for, or currently may make a primary market in issues
of, any or all of the entities mentioned in this report or may be providing, or have
provided within the previous 12 months, significant advice or investment services in
relation to the investment concerned or a related investment and may receive
compensation for the services provided from the companies covered in this report.

Others
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views
about any and all of the subject securities or issuers; and no part of the research analyst’s
compensation was, is or will be, directly or indirectly, related to the specific
recommendations or views expressed in the report.

Reminder
Structured securities are complex instruments, typically involve a high degree of risk and
are intended for sale only to sophisticated investors who are capable of understanding and
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and forward interest and exchange rates), time to maturity, market conditions and
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in purchasing a structured product should conduct its own analysis of the product and
consult with its own professional advisers as to the risks involved in making such a
purchase.

No part of this material may be copied, photocopied or duplicated in any form by any
means or redistributed without the prior consent of Maybank IBG.

29
Research Offices
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Malaysia Securities Berhad) 50 North Canal Road PNB House 28/F, Lee Garden Three,
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Tel: (603) 2297 8888 Jakarta 10270, Indonesia Mumbai City - 400 093, India Makati City, Philippines 1200
Fax: (603) 2282 5136
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Thailand Vietnam
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999/9 The Offices at Central World, Floor 10, Pearl 5 Tower,
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Rama 1 Road Pathumwan, Vo Thi Sau Ward, District 3
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Tel: (66) 2 658 6817 (sales) Tel : (84) 28 44 555 888

Tel: (66) 2 658 6801 (research) Fax : (84) 28 38 271 030

Sales Trading
Indonesia London
Helen Widjaja Greg Smith
[email protected] [email protected]
(62) 21 2557 1188 Tel: (44) 207-332-0221

Philippines India
Keith Roy Sanjay Makhija
[email protected] [email protected]
Tel: (63) 2 848-5288 Tel: (91)-22-6623-2629 Special acknowledgement to
Jared Low for his contributions
to the report.

www.maybank.com/investment-banking
www.maybank-keresearch.com
Notes:
 20 January 2024

WOOD DRAGON